NewLouis XIII Holdings raises HK$2.1 billion for Macau luxury hotel project

Louis XIII Holdings has raised HK$2.1 billion from a private share placement and an issuance of convertible bonds at HK$3 apiece to finance a luxury hotel in Macau, the company said on Monday.

The placing agent CLSA exercised an upsize option last Friday to buy 177 million shares for HK$609.1 million, according to a stock exchange filing, meaning a price of HK$3.44 per share when the company’s shares closed down 1.6 per cent at HK$3.69.

A total of 471.27 million new shares have been issued since December 19, raising HK$1.4 billion and representing 51.2 per cent of the enlarged share capital of the company, run by former investment banker Stephen Hung.

Meanwhile, the company also issued bonds worth HK$755.3 million, which could be converted into a maximum of 251.8 million new shares at the initial conversion price of HK$3.

As of Monday, Janus Capital Management and Deutsche Bank respectively hold 12.42 per cent and 7.92 per cent of Louis XIII, according to the statement.